Global Valves Market to reach US$ 114.37 Billion by 2030
Global Valves market was valued at US$ 68.17 Bn in 2022. Global Valves market is expected to witness growth, owing to increasing adoption of advanced technology such as IoT Advancements and Increasing demand for affordable smartphones in emerging markets.
Global Valves Market: Drivers
Energy Demand
As the worldwide energy demand increases for oil, gas, and electricity, valves play a vital role in extracting, processing, and distributing these resources. Valves are essential components in controlling fluid flow, ensuring efficient and safe operations throughout the energy supply chain.
Global Valves Market: Opportunities
Energy Sector Growth:
With the global focus on renewable energy sources, valves play a crucial role in controlling fluid flow in wind, solar, and geothermal power systems. As the renewable energy sector expands, there will be opportunities for valve manufacturers catering to this market.
Global Valves Market: Restraints
Volatility in Raw Material Prices
Volatility in raw material prices like steel, alloys, and polymers can affect production costs and profit margins for valve manufacturers. Fluctuations in these material costs can pose challenges to maintaining stable pricing and profitability in the valves market.
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Key Takeaways:
Global Valves market was valued at US$ 68.17 Bn in 2022 and is estimated to reach a value of US$ 114.37 Bn by 2030 at a CAGR of 6.8% between 2023 and 2030.
Global Valves Market: Trends
Automation and Industry 4.0
As industries embraced automation and adopted Industry 4.0 principles, the demand for valves that could seamlessly integrate with automated systems and participate in digitalized processes was on the rise.
Global Valves Market: Competitive Landscape
Key market player includes Major players operating in the global Valves market include Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, Bürkert Fluid Control Systems, and Flowserve Corporation.
Global Valves Market: Recent Developments
In February 2022, Emerson, a valve manufacturing company launched a new integrated manufacturing facility in Chennai, India, which is aimed to serve local and global customers of the company. This facility will manufacture fluid control and pneumatics products, including solenoid valves and pneumatic valves, among others.
In April 2022, SUEZ a valve manufacturing company was awarded a 30-year build-and-operate contract, through a local joint venture, for an industrial wastewater treatment plant in Changshu, China. The SUEZ joint venture is responsible for designing, constructing, and operating the wastewater treatment plant, which is expected to be commissioned in 2024.
In November 2021, SPM Oil Gas, a valve manufacturing company announced the availability of its new KOP AM20 Series Gate Valves. The valves allow and shut-in flow for every operation of the wellhead, tree system, and choke and kill manifolds. The series also offers increased safety by ensuring a gas-tight seal from pressures as high as 10,000 psi to as low as 50 psi.
